Netflix states:
•Netflix: Section 6E specifies, “You agree not to archive, download (other than through caching necessary for personal use), reproduce, distribute, modify, display, perform, publish, license, create derivative works from, offer for sale, or use (except as explicitly authorized in these Terms of Use) content and information contained on or obtained from or through the Netflix service without express written permission from Netflix and its licensors.”
In short, recording from Netflix would fall under the header of archiving or reproducing material, which is explicitly not allowed.